newly DappRadar The report revealed that Metaverse NFT trading skyrocketed during the first quarter of this year. In fact, volumes are at an all-time high, a testament to the growing interest in virtual worlds. In total, there were 147,000 trades across the various Metaverses, accumulating a total of over $311 million in trading volume.
As DappRadar discovered, the rise was not surprising as several factors have conspired to cause trade to rise in virtual universes. Various incentives from the likes of Yuga Labs, Blur, and Decentraland have been necessary to motivate traders to jump into different Metaverses and trade in virtual lands and other products.
Otherwise, the group led NFTs associated with the Otherside Metaverse. During the first three months of this year, NFTs accumulated a trading volume of $222 million, up 237% from the previous quarter. There is a huge demand for other NFTs since Yuga Labs announced it “second flight” To the other side was in the way. Interestingly, an NFT piece of this highly sought after lot sold for 186 ETH (about $2.85 million) at the time, making it the most expensive piece ever sold in the first quarter.
Virtual worlds achieved record-breaking performance in the first quarter of 2023 as investments in # Blockchain games and # Metaverse The value of the projects amounted to 503 million dollars
Find the full report here ⬇️https://t.co/5EHFo7G7y9
– DappRadar (DappRadar) March 23, 2023
The new Metaverses brilliance
Blur also had something to do with the uptick in trading volumes for Metaverse NFTs. The upstart NFT market has embarked on an aggressive campaign to attract users. According to Sarah Gergelas, a blockchain analyst at DappRadar, the platform’s airdrop and farming seasons have prompted NFT whales to “Virtual farm land, in particular the MG land project, which is an NFT collection.”
After its launch in the first quarter of 2023, MG Land ranks second with a turnover of $59 million. Creatura Genesis Land, a new protocol that allows users to experience the Metaverse, followed in third place with a trading volume of $14 million. It beat out Axie Infinity, The Sandbox, and Decentraland.
As for decentralizationIts volumes decreased by 33% compared to the previous quarter. However, the number of unique active wallets has skyrocketed in the run-up to the future Metaverse Fashion WayK. There is a possibility that the event will have a positive impact on volumes. However, data from the second quarter is needed to see if this is the case.
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Bassel is a huge fan of blockchain technology and all its innovations, and is excited to share this narrative with his audience. He has spent over five years in the coding field, specializing in researching and creating Web3 content for various media outlets around the world.